Not only is that a huge cost, it is also around £35 million more
than the airline had expected Brexit to cost it in currency
movements.

The pound was trading above $1.50 just hours before the results
of the June 23 referendum on Britain's membership of the European
Union. But sterling crashed to a 31-year low against the dollar
after the Brexit vote won.

As a result, easyJet now expects full-year profits to be around
£490-£495 million for the year ending September 30. That's around
£25 million lower than the analyst consensus of £516 million.
easyJet made a £686 million profit in 2015.

Investors took flight on the news, selling shares rapidly. The
stock tumbled by as much as 8.5% at the open, dropping to a low
of £9.275 at around 8:30 a.m. BST (3:30 a.m. ET). It recovered a
little over the course of the day, ending down by 6.7%. That put
it right at the bottom of the FTSE.

Here's the chart of today's performance:

Investing.com

Commenting on the results, easyJet's CEO Carolyn McCall said:

"The current environment is tough for all airlines, but history
shows that at times like this the strongest airlines become
stronger. That is why we will continue to invest for the
long-term success of the business, establishing even stronger
market positions, delivering excellent customer service and
establishing new revenue opportunities for the future."

easyJet has been one of the biggest casualties in Britain's
financial markets since the vote to leave the EU, crashing from
more than £15 per share on the day of the vote to less than £9.40
now — a fall of around 38%.

Mike van Dulken of Accendo Markets noted in an email earlier on
Thursday, that fall was driven by fears about "how a budget
airline so reliant on European destinations would work with a UK
HQ post-Brexit."